Current Affairs

Economic Survey for the year 2024-25

Union Finance Minister Nirmala Sitharaman tabled the Economic Survey for the year 2024-25 in Parliament on 31 January 2025. Here is the key takeaways from the Economic Survey 2024-25.

National Critical Mineral Mission (NCMM)

The Union Cabinet, chaired by the Prime Minister Narendra Modi has approved the launch of the National Critical Mineral Mission (NCMM) with an expenditure of Rs.16,300 crore and expected investment of Rs.18,000 crore by PSUs, etc.

IDFC FIRST Bank announced the launch of the UPI

IDFC FIRST Bank announced the launch of the UPI enabled RuPay Credit Card called FIRST EA₹N.

Karnataka leads in coffee production

The Ministry of Commerce and Industry stated that India is now the seventh-largest coffee producer globally with exports reaching USD 1.29 billion in financial year (FY) 2023-24.

Global Economic Prospects (GEP)

According to the latest Global Economic Prospects (GEP) report of the World Bank, India is expected to remain the fastest growing among the major economies at a pace of 6.7 in both FY26 and FY27.

International Monetary Fund (IMF)

The International Monetary Fund (IMF) retained Indias growth forcastat 6.5 percent for for fiscal 2026 and fiscal 2027, the global economic body said in its World Economic Outlook report.

Indias Gross Domestic Product (GDP)

According to a Crisil Intelligence report, Indias gross domestic product (GDP) growth is projected to improve to 6.7 in the next fiscal year (FY25).

Indias net direct tax collections recorded

Indias net direct tax collections recorded a robust 15.88 jump to Rs.16.90 lakh crore during April 1, 2024 January 12, 2025, compared to the same period of the previous financial year (2023-24).

Union Government

The Union Government has disbursed Rs.1,73,030 crore to state governments as part of tax devolution.This marks a rise from the Rs.89,086 crore distributed in December 2024.

Indias Index of Industrial Production (IIP)

Indias Index of Industrial Production (IIP) recorded a growth of 5.2 in November 2024, marking the highest growth rate in the past six months.

Global economic growth

According to a United Nations report released on 9 January 2025, Global economic growth is projected to remain at 2.8 in 2025.

GDP growth

The GDP growth is expected to be about 6.3 percent in the current fiscal year (2024-25), SBI research report said on 8 January 2025.

National Statistical Office

The National Statistical Office (NSO) released the first advanced estimates of GDP for the fiscal year 2024-25 on 4 January 2025

State Bank of India (SBI)

According to the State Bank of India (SBI) research report, Indias rural poverty has declined significantly to 4.86 percent in the financial year 2023-24. It stood at 25.7 percent in the financial year 2011-12.

Indias Goods and Services Tax

Indias Goods and Services Tax (GST) collections rose to Rs.1.77 lakh crore in December 2024, a 7.3 increase compared to Rs.1.65 lakh crore in December 2023